VST Tillers Tractors, Union Bank sign pact in Bengaluru to offer farm equipment loans
VST Tillers Tractors Ltd. has partnered with Union Bank of India to provide retail financing for farmers purchasing agricultural machinery. The initiative aims to increase farm mechanization in India by making equipment more affordable through accessible credit.
Why it matters
Improving access to credit for farm equipment is critical for increasing agricultural productivity and modernizing farming practices in rural India.
VST Tillers Tractors Ltd. (VTTL) has signed a Memorandum of Understanding with Union Bank of India in Bengaluru to facilitate retail financing for farmers purchasing tractors and farm mechanisation equipment.
Under the partnership, Union Bank would provide retail loan facilities for farmers in Karnataka and also across the country to buy VST’s range of tractors, power tillers, power reapers and power weeders. The financing facility woul be available through VST’s network of more than 1,000 dealers across India, enabling farmers to access credit closer to their farms.
On the occasion, H.T. Vasappa, General Manager, Union Bank of India, said the partnership would strengthen farmers’ access to credit and enable them to acquire modern farm equipment through VST’s extensive dealer network.
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